Point72 Asset Management L.P. trimmed its stake in shares of US Concrete Inc (NASDAQ:USCR) by 32.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 842,146 shares of the construction company’s stock after selling 412,454 shares during the quarter. Point72 Asset Management L.P. owned 5.01% of US Concrete worth $38,612,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. NumerixS Investment Technologies Inc acquired a new position in shares of US Concrete during the 2nd quarter worth about $154,000. SG Americas Securities LLC acquired a new position in shares of US Concrete during the 2nd quarter worth about $181,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of US Concrete during the 3rd quarter worth about $208,000. Stevens Capital Management LP acquired a new position in shares of US Concrete during the 2nd quarter worth about $230,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of US Concrete during the 3rd quarter worth about $255,000.
In other news, Director Robert Martin Rayner bought 3,600 shares of US Concrete stock in a transaction dated Thursday, December 6th. The stock was acquired at an average cost of $38.01 per share, with a total value of $136,836.00. Following the acquisition, the director now owns 58,328 shares of the company’s stock, valued at $2,217,047.28. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last three months, insiders bought 14,100 shares of company stock valued at $523,436 and sold 390 shares valued at $14,489. 5.30% of the stock is currently owned by insiders.
US Concrete (NASDAQ:USCR) last posted its earnings results on Thursday, November 1st. The construction company reported $0.73 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by ($0.42). US Concrete had a net margin of 1.69% and a return on equity of 10.56%. The firm had revenue of $404.27 million during the quarter, compared to analysts’ expectations of $411.35 million. During the same period in the previous year, the firm posted $1.45 earnings per share. The firm’s revenue for the quarter was up 14.0% on a year-over-year basis. As a group, research analysts forecast that US Concrete Inc will post 2.3 earnings per share for the current year.
Several research analysts have recently issued reports on USCR shares. Sidoti started coverage on US Concrete in a research report on Monday, October 15th. They set a “buy” rating for the company. SunTrust Banks lowered their price objective on US Concrete to $47.00 and set a “buy” rating for the company in a research report on Wednesday, November 21st. DA Davidson reaffirmed a “buy” rating and set a $87.00 price objective (down from $95.00) on shares of US Concrete in a research report on Thursday, October 11th. BidaskClub raised US Concrete from a “sell” rating to a “hold” rating in a research report on Thursday, September 20th. Finally, ValuEngine raised US Concrete from a “sell” rating to a “hold” rating in a research report on Tuesday, December 11th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. US Concrete presently has an average rating of “Hold” and an average target price of $76.17.
COPYRIGHT VIOLATION NOTICE: This report was originally posted by WKRB News and is owned by of WKRB News. If you are viewing this report on another publication, it was illegally copied and republished in violation of U.S. and international trademark and copyright laws. The original version of this report can be accessed at https://www.wkrb13.com/2018/12/16/point72-asset-management-l-p-has-38-61-million-position-in-us-concrete-inc-uscr.html.
US Concrete Company Profile
U.S. Concrete, Inc, through its subsidiaries, produces and sells ready-mixed concrete, aggregates, and concrete-related products and services to the construction industry in the United States and Canada. It operates through two segments, Ready-Mixed Concrete and Aggregate Products. The Ready-Mixed Concrete segment engages in the formulation, preparation, and delivery of ready-mixed concrete to customers' job sites; and the provision of various services that include the formulation of mixtures for specific design uses, on-site and lab-based product quality control, and customized delivery programs.
Featured Story: How do investors use RSI to grade stocks?
Receive News & Ratings for US Concrete Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for US Concrete and related companies with MarketBeat.com's FREE daily email newsletter.